Should You Outsource Your Payroll?

Should you outsource your payroll and related functions? This is a question many business managers consider every day. Even though you may think of outsourcing as an additional expense, businesses like yours find outsourcing payroll can:

Outsourcing to the right provider can produce very good returns on investment. More and more business managers are critically reviewing their operations, looking for more efficient ways to focus on, and proactively manage, their core business while considering cost effective options for the non-core but essential aspects of that business.

 

Processing payroll is no longer just printing paychecks! To identify opportunities that may substantiate outsourcing by improving the efficiencies of your operations, consider the following:

 

  1. Is your payroll system producing the kind of information management needs to run your business as efficiently as possible?
  2. Are your current payroll systems effectively helping you control labor costs, administrative costs, compliance costs, benefit costs, and turn-over costs?
  3. Are your current systems providing your HR manager with the information needed to manage this valuable, liability fraught aspect of your business?
  4. If you internally maintain the high cost of the necessary expertise, is this the best, most efficient use of your operating capital?
  5. Is your technology and personnel infrastructure adequate to provide for back up and redundancy of important, recurring functions (like processing payroll)?
  6. Are there skills your business needs internally for competency and compliance issues but do not have because of the affordability of that expertise?
  7. Is maintaining the confidentiality of your employee, management or company payroll and HR information a concern?
  8. Are there processes in your operations that could be performed more efficiently and cost effectively than your current methods?
  9. Are there any routine, labor-intensive tasks being performed by your staff that take valuable time away from your core, mission-critical, income generating functions?

 

The answers to the above questions will help you determine if outsourcing payroll is something you should consider. If you answered "NO" to questions 1 - 5 or "YES" to questions 6 - 9, you should realize that it will be well worth your time to learn more about the benefits of outsourced solutions.

Still wonder about the costs associated with outsourcing. With all the better management tools a good provider such as Time & Pay will offer, the cost associated with outsourcing may be irrelevant. But consider your current actual cost per transaction for processing your payroll. In other words, taking into account all the costs associated with producing payroll in-house -- the labor involved in timekeeping and payroll, calculating hours worked, processing the payroll, working with employee issues, correcting errors, paying the taxes, filling out and filing the government tax reports, processing W-2's, providing for the necessary office supplies to do all of the above, and so on -- how much is it really costing you to process your own payroll per payroll check? Is it really less than an outsourced option? Probably not. For Further information on the cost savings realized with outsourcing, click here.

If you already considered outsourcing but found that it was not quite what you thought it would be, you need to ask yourself if you worked with the right firm. Good professional payroll firms like Time & Pay will offer you a group of services that are all related to payroll and employee management and when combined, offer you greater tools for managing your business while saving you money and time.  

You have nothing to lose by contacting Time & Pay today to see if outsourcing can be good for your business! We want to provide you with the information you need to judge for yourself if what we have to offer will benefit your operation and free you up to concentrate on making your business a success. You deserve the opportunity to see if outsourcing your payroll to Time & Pay is right for you. With all the cost effective tools we provide you, our guarantees, as well as the extra benefits (such as complimentary HR consulting), now is the ideal time to learn more about outsourcing your payroll to Time & Pay.  
 

Join the thousands of business managers like you throughout the country

who have found that outsourcing their payroll is right for them.

Call us at 423-854-9042 or use the Contact Us page